Required Information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Unit Date Transaction Number of Units Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase Oct. 6 Purchase 140 54 7,560 Jul.16 Purchase 210 57 11,970 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Answer is not complete. Cost of Goods Available for FIFO Sale Cost of Goods Sold Ending Inventory Cost # of units Cost of Goods per Available # of units unit Cost per unit Cost of Goods # of units Sold Cost per unit Ending Inventory for Sale Beginning 60 $3,120 $187,200 $3,120 $ 0 Inventory Purchases: Apr. 7 140 $ 7560 1,058,400 S $7,560 $ 0 Jul.16 210 2,513,700 0 11,970 Oct.6 120 S 6960 x 835,200 450 11,970 $6,960 3,132,000 S Total 530 4,594,500 Answer is complete but not entirely correct. Sales $ 31,500 revenue Gross profit $ 25,142 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available # of units Cost per unit Cost of Goods Sold # of units for Sale $ 0 Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit 0 0 0 0 $ 0